The crypto unit of largest internet conglomerate will repeat its initial coin offering () after netting $90 million from investors, reported on Mar. 11.
, the platform which is the responsibility of spin-off firm Ground X, will now seek to raise another $90 million as soon as this week. In December 2018, Kakao had first that it was planning to raise around $300 million through Ground X to develop its own .
According to Jason Han, CEO of Ground X, IDG Capital, Cresendo Equity Partners and Translink Capital were some of the venture capital and private equity funds to participate in the ICO round.
Game developer Wemade Entertainment Co. and Chinese travel agency Zanadu are among the 26 companies that will run their applications on the Klatyn platform. Han also noted that Kakao is considering adding one of its own services to the platform, although this has not been confirmed. He told Bloomberg:
“There’s going to be a wide spectrum of services […] we’re continuing to have conversations with Kakao.”
The company, which currently has 65 employees, also plans to hire more as the launch gets closer. Han noted that the delay in the launch, which was originally scheduled for 2018, has been due to more development needed on the platform.
As Cointelegraph , the internet giant managed to circumvent increasingly strict regulatory policies in both South Korea and elsewhere by ensuring its ICO were only available to registered, vetted private investors.
At the time, local media said the company had almost hit its intended initial investment target of $300 million from a range of participants, including a venture capital firm.
The continued success comes as South Korean lawmakers the country’s zero-tolerance policy to ICOs, which became illegal in 2017. Ground X is headquartered in .
Last month, Kakao in its latest earnings statement that expenditure on new technologies, including , topped $57 million in Q4.
Published at Mon, 11 Mar 2019 08:08:26 +0000
